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The energy daily news– 19 January

January 19, 2011

Canadian natural gas spot price is on the rise, China’s 2010energy consumption target review, Russia and Japan reaching an agreement on natural gas, the IEA recalculated upwards its estimates about worldwide crude oil consumption in 2011 and the news about oil finding in Venezuelathese are some of the news items in the energy commodities markets:

Canadian natural gas spot price is rising, according to Businessweek; this is mostly due to the cold weather and the ongoing rise in the demand in the US for natural gas. Tomorrow, the EIA will publish its weekly review on natural gas and will likely show a decline in natural gas storage in the US;

According to China-Briefing, China has met its energy consumption target in 2010 as China reduced its energy consumption per GDP (energy intensity) by 20% from 2005 to 2010. China is trying to reduce 40-45% of its energy intensity levels in 2005 by the year 2020.

Japan, one of the leading countries in importing energy commodities, including liquefied natural gas (LNG), has reached an agreement with Gazprom – a Russian energy company, to purchase LNG. The news item was on upi.com .

IEA, according to pennenergy, has raised its worldwide energy projection forecast for 2011 mainly due to the cold weather in the northern hemisphere and the global economic growth.

There is speculation around the oil findings in Venezuela, according to upi.com, the president of Venezuela- Hugo Chavez, said Venezuela is currently producing at 3 million b/d, while in fact there aren’t many evidence to support his claim. If this news will show that the production in the Venezuela is lower than reported than it could have some effect on OPEC’s output of crude oil.